Smart Meters Market By Product Type (Electric Meters, Water Meters, Gas Meters), By Technology (Advanced Metering Infrastructure (AMI), Remote Metering Technology, Internet of Things (IoT) Enabled Meters), By End-User (Residential, Commercial, Industrial), By Communication Type (Cellular Communication, Wi-Fi, ZigBee, LPWAN), and By Region; Global Insights & Forecast (2023 – 2030)

As per Intent Market Research, the Smart Meters Market was valued at USD 22.7 Billion in 2024-e and will surpass USD 34.3 Billion by 2030; growing at a CAGR of 7.2% during 2025-2030.

The global smart meters market is witnessing significant growth as utilities, industries, and consumers increasingly recognize the importance of accurate, real-time monitoring of energy and water consumption. Smart meters enable better management of resources, optimize energy usage, and provide consumers with enhanced visibility of their utility consumption. With technological advancements such as IoT and wireless communication, smart meters are becoming integral components of modern infrastructure, contributing to the rise of smart grids and smarter energy management systems.

Electric Meters Segment Is Largest Owing to Increasing Demand for Energy Monitoring

Among the various product types in the smart meters market, electric meters hold the largest share. This is due to the growing demand for electricity consumption monitoring, especially in residential and industrial sectors. Electric meters are crucial in providing real-time consumption data to both utilities and consumers. The increasing push towards renewable energy, along with the need for energy efficiency and grid management, further accelerates the demand for electric meters.

Electric meters are now embedded with advanced features, such as remote monitoring, real-time data analysis, and predictive maintenance capabilities. These features enable utilities to optimize energy distribution, reduce operational costs, and enhance customer service. As a result, the segment is expected to continue growing, driven by the adoption of smart grids and energy-saving technologies across both developed and emerging markets.

AMI Technology Is Fastest Growing Owing to Increased Integration in Smart Grids

Advanced Metering Infrastructure (AMI) technology is the fastest-growing segment in the smart meters market. AMI systems enable two-way communication between the utility provider and the meter, allowing for real-time data collection and remote monitoring. This technology plays a crucial role in modernizing grid operations, enabling efficient demand-side management, and improving the reliability of power distribution.

The integration of AMI into smart grids offers multiple benefits, such as enhanced operational efficiency, reduced energy losses, and improved consumer billing accuracy. With the rising emphasis on energy conservation and sustainability, AMI is gaining traction, especially in countries focusing on smart city development and sustainable energy initiatives. As utilities continue to transition to more automated and data-driven systems, AMI technology will drive the expansion of the smart meters market.

Residential End-User Is Largest Due to Demand for Energy Efficiency and Billing Accuracy

The residential end-user segment dominates the smart meters market, largely driven by the growing demand for energy-efficient solutions and the need for accurate billing systems. Smart meters allow homeowners to track their energy usage in real-time, which helps them make informed decisions about consumption patterns and reduce electricity costs. The ability to remotely monitor usage through apps and dashboards has made smart meters a preferred choice for residential consumers.

Governments and utility companies in many regions are also incentivizing the adoption of smart meters in residential areas to promote energy conservation and manage peak demand more effectively. As part of smart home automation systems, smart meters help residents optimize energy consumption, contributing to a more sustainable and cost-effective living environment. This segment will continue to grow as energy conservation and efficiency become top priorities for residential consumers globally.

Cellular Communication Segment Is Largest Owing to Widespread Connectivity

Cellular communication is the largest communication type segment in the smart meters market, owing to its widespread availability and reliability. Cellular networks provide excellent coverage, making them suitable for connecting smart meters across vast geographic areas, especially in urban and rural settings. The high penetration of cellular networks worldwide makes cellular communication a preferred choice for transmitting metering data.

Cellular technology enables smart meters to transmit consumption data to utility companies in real-time, eliminating the need for manual readings and ensuring timely billing. As cellular technology advances with the rollout of 4G and 5G networks, the efficiency and speed of data transmission will only improve, further solidifying the dominance of cellular communication in the smart meters market.

North America Region Is Largest Owing to Strong Adoption and Infrastructure

North America is the largest region in the smart meters market, driven by the region's strong adoption of advanced metering technologies and robust infrastructure for smart grid development. The U.S. and Canada have been early adopters of smart meters, with utility companies rapidly deploying smart grid solutions across residential, commercial, and industrial sectors. The push for energy efficiency, along with regulatory mandates for smart meter installations, has accelerated market growth in this region.

In addition, government incentives and consumer demand for transparent energy billing have played key roles in the adoption of smart meters. As more utility providers implement AMI and IoT technologies, North America is expected to maintain its leading position in the global market. Moreover, the region's focus on sustainability and smart city initiatives will further drive demand for smart meters.

Leading Companies and Competitive Landscape

The smart meters market is highly competitive, with several key players dominating the industry. Companies like Siemens AG, Itron Inc., Honeywell International Inc., and Landis+Gyr AG are leading the charge in terms of product innovation, technological advancements, and strategic partnerships. These companies are investing heavily in research and development to integrate cutting-edge technologies such as IoT and AMI into their smart metering solutions.

The competitive landscape is further shaped by the need for interoperability and integration with existing infrastructure. Players are focusing on offering end-to-end solutions that seamlessly integrate with smart grids, offering benefits like real-time monitoring, predictive analytics, and efficient energy distribution. As demand for smart meters continues to rise globally, leading companies are expected to expand their market presence through mergers, acquisitions, and collaborations with utility companies and technology providers. The market is also witnessing the emergence of regional players who are offering cost-effective solutions tailored to local needs, contributing to market diversification.

Recent Developments:

• Siemens has partnered with several utility companies to expand its smart meter deployment, enhancing energy efficiency across the grid and improving customer interaction via real-time data insights.
• Itron Inc. recently acquired a leading provider of smart metering solutions to further strengthen its capabilities in the IoT-enabled metering space, boosting their portfolio for utilities globally.
• Honeywell has launched a new suite of smart meters equipped with enhanced IoT technology, designed to provide real-time consumption data and remote monitoring features for both residential and commercial users.
• Landis+Gyr announced a significant partnership with multiple North American utilities, providing them with advanced AMI solutions to streamline operations, improve energy distribution, and support sustainability goals.
• : Badger Meter has announced compliance with new regulatory standards for smart water meters in Europe, positioning itself as a leader in IoT-based water metering for commercial and residential markets.

List of Leading Companies:

• Siemens AG
• Itron Inc.
• Landis+Gyr AG
• Honeywell International Inc.
• Schneider Electric
• General Electric Company
• Sensus (A Xylem Brand)
• Elster Group GmbH
• Diehl Metering
• Badger Meter, Inc.
• Kamstrup A/S
• Zenner International GmbH & Co. KG
• Aclara Technologies LLC
• CIRCUTOR
• Wasion Group Holdings Ltd.

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